Hilton Hotels Corporation (HHC) has announced plans to raise £400m by selling ten hotels to a fund managed by Morgan Stanley Real Estate.
The move coincides with the completion of its £500m sale of the 132 hotel Scandic chain to EQT and will bring the total of real estate sold by HHC since it acquired Hilton International in February 2006 to £1.5 billion.
HHC will retain management contracts at five of the hotels – the Hiltons in Dusseldorf, Dresden, Paris Charles de Gaulle, Strasbourg and Zurich – with management contracts being thrashed out for three more in Brussels, Barcelona and Luxembourg.
The future of the remaining two hotels, the Los Zocos Club Resort in the Canary Islands and the Hilton Weimar in Germany, remains unclear.